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Think Partnership Announces Restatements

CGI Holding Corporation, d/b/a Think Partnership Inc., announced that it has amended and restated its previously issued audited consolidated financial statements and other financial information for 2003 and 2004, and various unaudited consolidated quarterly financial statements, including March 31 and June 30 2005 (via ReveNews). According to the company, the restatements result from a change in the method used for recognizing revenue generated from its Search Engine Enhancement business - WebSourced, Inc. - from the proportional performance model to straight-line.

The restatement of the unaudited consolidated financial statements for the quarter ended June 30, 2005, includes a change in the presentation of revenue generated by Think's PrimaryAds subsidiary from a gross to net basis and a change in the useful life and value of the Customer Relations intangible asset for the subsidiary.

Think has 11 operating companies, including WebSourced, KowaBunga!, and PrimaryAds.


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Related stories: - Think Takes Controlling Stake in Contextual Company - Think to Buy Web Diversity - Think to Proceed: On Second Thought, Let's Not - Think Continues Buying Spree - Think Partnership to Buy PrimaryAds - CGI Lists on AMEX, Changes Name to Think Partnership

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